Developers in Kolkata announced the launch of 1,030 luxury units priced above Rs 1.5 crore in the July-September quarter this year. This is the first time that more than 1,000 units in that price band have been launched in any quarter. Five years ago, in July-September 2018, less than 120 units in this price range had been launched, pointing to a quantum shift in the city’s real estate scenario.
Of this, the luxury segment priced over Rs 1.5 crore saw a supply of approximately 1,030 units, which is 31% of the total share. The affordable segment priced below Rs 40 lakh saw supply of around 610 units, which is 18% share. The mid and the premium segments priced between Rs 40 lakh to Rs 1.5 crore saw addition of 1,660 units.
Developers in Kolkata attribute the shift to a hike in home loan interest rates that has led to a sharp dip in sales of affordable category homes, prompting developers to launch more units in the premium and luxury segments. While premium home customers have also been impacted by the home loan rate hike, those who buy luxury homes are immune to it.
A study by real estate consultancy firm Knight Frank India had pointed to 198% growth in sales of homes priced over Rs 1 crore. While 217 units had been sold in this price band in July-September 2022, the number had shot up to 646 units during the same quarter this year. Though the high growth in the premium and luxury categories comes on a low base, developers said that the market was displaying a shift from being a predominantly affordable category market to one in which the mid and luxury categories have many takers.
